BofA Offering Special Mortgage Perks To Preferred Customers

Bank of America is offering rewards to customers who expand their use of the bank's everyday services.

Under the new Preferred Rewards program, customers with a personal checking account and a three-month average combined balance of $20,000 or more across their checking, savings and/or Merrill Edge investment accounts can earn special benefits and rewards as they make their money grow.

For example, depending on the tier they reach – Gold, Platinum and Platinum Honors – customers can earn an interest rate discount for their next home equity loan or line of credit. They can also qualify for a ‘mortgage relationship credit’ of $200 for Gold, $400 for Platinum and $600 for Platinum Honors, on a mortgage purchase or refinancing of a loan.

Other, non-mortgage-related perks include points or cash back on eligible Bank of America credit cards; access to a team of specialists dedicated to handle preferred clients' banking and service needs; higher interest rates on Rewards Money Market Savings accounts; and $0 Merrill Edge online equity and Exchange-Traded Funds trades.

There is no fee to enroll in the program for qualified Bank of America customers. Once customers begin receiving benefits, their three-month average balance will be reviewed monthly for the opportunity to receive additional benefits.